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EU funding plan for H1-23

EUROZONE ISSUANCE
  • The EU plans to issue E80bln of NGEU and MFA+ bonds in H1-23 (conventional and green). Around E70bln of the proceeds are expected for NGEU and E10bln for MFA+ funds for Ukraine.
  • To date E170bln of NGEU funding has been raised since June 2021 (out of a E800bln programme running until end-2026). And E7.2bln of MFA funds were raised for Ukraine in 2022 with a total of E18bln expected to be raised for Ukraine across the whole of 2023.
  • The EU will start to brand these issues all as EU-bonds rather than branding them for the individual programmes they relate to (but will keep green bond issuance separate as it is segregated spending).
  • "Potential new financing needs related to REPowerEU, financed partially by unused loans under the RRF, will not affect the funding needs for H1 2023."
  • "Bond auctions can be single- or multi-bond auctions and will be used to tap existing bonds or to issue new bonds."
  • There are 7 planned syndication weeks in H1-23 and eight planned auction dates.
  • EU-bill auctions will continue twice per month in the same format as previously (3/6-month bills available at each auction with new 6-month EU-bill in the first auction of each month).
  • The full funding plan is available here.
  • Furthermore, the EU has announced it will provide a framework for quoting on the secondary market with a view to increasing liquidity from summer 2023 with a new repo facility to be implemented in early 2024.
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